Surge in Philadelphia Area Home Sales in December

The 2024 housing market saw a surge in sales activity, with December closing 14.4% higher than the previous year, despite a record low number of new listings at just 11,531. Home prices continued to rise, reaching a median of $405,000, up 6.6% from December 2023. As 2025 begins, buyers face a competitive market but may find more options and slightly lower mortgage rates. Research indicates significant home transactions are expected early in 2025, as buyers adapt to the current mortgage landscape. Prospective buyers express a strong preference for move-in-ready homes, prioritizing features like the number of bedrooms and en-suite bathrooms, while being willing to compromise on size and location. Trends in home decor are shifting towards maximalism, blending vintage and contemporary styles, reflecting a desire for personal expression among younger generations.